First Time Homebuyers, FHA, and a Down Market
Those first time buyers without a substantial down payment might consider a mortgage backed by the Federal Housing Administration (FHA). FHA loans require only a 3% down payment, which can be a gift from friends or family; First time home buyers can also seek down payment assistance from the Nehemiah Program (down payment assistance program supported by a non-profit organization). Down payment assistance is available to borrowers who qualify for a FHA loan. Read more about Nehemiah Program and eligibility.
The numbers of FHA borrowers have been growing substantially. So has the number of mortgage companies who are eligible for originating an FHA loan. Approved FHA mortgage companies are held to a higher set of standards to ensure compliance and transparency. Ask your mortgage professional if s/he is FHA approved. Read more about the FHA loans.
You may contact me at scott@uptownfinancial.com or 612-919-2119
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